The Wagner iTeam Real Estate - (719) 434-8346
Thank you for your interest in local
foreclosure and bank owned homes for sale.
Due to local privacy standards, we are unable to offer FULL foreclosure-specific searches in our general home search options. Note: Foreclosures will show up in your searches, but you are unable to search for ALL of them, specifically.
To get around this, the Wagner iTeam will send you a detailed Colorado Springs Area Foreclosure list that will give you up-to-the-minute information on ALL Foreclosure and Bank Owned Homes for Sale in Colorado Springs that fit your criteria.
Please take a minute to fill out the form below and we will email you your foreclosure list right away. If these homes interest you, we can then set you up on a personalized foreclosure website that is updated daily. Just let us know…
Current Available Colorado Springs Area Foreclosure Searches:
- Foreclosure Homes for Sale in Academy School District 20
- Black Forest Foreclosure Homes for Sale
- Million Dollar Foreclosures in Colorado Springs and Surrounding Areas
According to the the latest Foreclosure Inventory Analysis showed nearly 1.5 million properties were currently in the foreclosure process or being held by banks as Real Estate Owned.
This was up 9 percent from the first quarter of 2012, but down significantly from the apex of foreclosure activity — 2.2 million units — in December 2010.
What Is Distressed Property?
“Distressed property” is a blanket term for homes in foreclosure, short sale or that are REO (Real Estate Owned).
Below are definitions of different types of distressed real estate, so that you can be familiar with the terms.
- Foreclosure: When a homeowner has defaulted on their mortgage for a specified period of time, the bank takes possession of the real estate.
- Short Sale: A homeowner facing foreclosure may request a short sale from their lender to sell the property for less than what is owed.
- REO: Real Estate Owned properties have gone through foreclosure and are held by the bank. This increases the possibility of purchasing these homes at a discount because maintaining an REO is costly for a lender.
All three scenarios offer opportunities for substantial savings, yet all include stipulations with regard to the contract and terms of purchase.
Special Requirements With Distressed Property Purchases
When you buy this type of property, you are dealing with a financial institution instead of a private seller, so it may take more time to get to the closing table. Be prepared for a longer than normal communication cycle as there are often delays when working with the bank or mortgage lender to come to a decision on an acceptable offer and closing date. Unfortunately, many distressed properties have more deferred maintenance and repair issues If you are willing to take the chance and be patient, a distressed property could pay off in terms of a lower purchase price. Additionally, most buyers of distressed properties see an increase in the value of their Colorado Springs real estate within a short time of purchase.
In the end, it is strongly advised that buyers work with an experienced property expert when interested in distressed properties because of the additional paperwork and requirements to complete the transaction.
Call the Wagner iTeam for more information on buying a Colorado Springs foreclosure. (719) 434-7525
Good news for the Colorado Springs real estate market …
Although the national market for foreclosed homes remains strong, Colorado is not listed in the top states for foreclosures.
According to foreclosure data firm RealtyTrac, foreclosure activity increased 1 percent in August as compared to the month prior, climbing to just above 193,500 units nationwide.
1 in every 681 U.S. households received some form of foreclosure filing last month where a ”foreclosure filing” is any one of the following foreclosure-related events : A default notice on a home; a scheduled auction for a home; or, a bank repossession of a home.
Default notices climbed in August which indicates that more U.S. homeowners are falling behind on payments.
However, for the 22nd consecutive month, the number of bank repossessions fell. This suggests that lenders are reaching alternative outcomes to foreclosure more frequently, and with more success, reducing the number of homes for sale nationwide.
Fewer homes for sale is one reason why U.S. home prices have been rising.
Like everything in real estate, though, foreclosures are a local event. In August, just six states accounted for more than half of the country’s bank repossessions. Those six states — California, Florida, Georgia, Illinois, Michigan and Arizona — account for less than 31% of the U.S. population.
Clearly, foreclosures remain concentrated. However, bank-owned homes can still make for “good deals” across all 50 states. This is because foreclosed homes are typically sold at steep discounts versus comparable, non-distressed homes.
Just be sure to do your foreclosure research first.
Buying a home in foreclosure is different from buying a home not in foreclosure. The contract and negotiation phases are different, and foreclosed homes are often sold as-is.
“As-is” is real estate-speak for “this home may be defective and/or uninhabitable”.
Therefore, if you plan to buy foreclosure, talk with a real estate professional first. You can learn a lot about a foreclosure by doing research online. However, when it comes time to write a contract, you’ll want to have an expert on your home-buying team.
Colorado Springs real estate:
Foreclosure pipelines are re-filling nationwide. Thankfully, Colorado is still looking good!
According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 192,000 in July 2012, a 3 percent decrease from the month prior.
RealtyTrac defines a “foreclosure filing” as any foreclosure-related action, including a Notice of Default, a Scheduled Auction, or a Bank Repossession.
July marks the 22nd straight month during which foreclosure filings fell on a year-over-year basis. At some point soon, however, that streak may end. This is because, for the third straight month, on an annual basis, foreclosures starts are on the rise.
More than 98,000 homes started the foreclosure process in July, a 6 percent increase from July of last year. Connecticut, New Jersey and Pennsylvania experienced the biggest increases, rising 201%, 164% and 139%, respectively.
Each is a judicial foreclosure state, which means that foreclosures must go through the state court system prior to auction.
Nationwide, just a few states accounted for the majority of July’s total foreclosure activity. 5 states were home to more than half of all tracked activity, according to RealtyTrac.
- California : 21.9 percent
- Florida : 13.3 percent
- Illinois : 7.2 percent
- Georgia : 5.7 percent
- Texas : 5.2 percent
Collectively, these 5 states represent just 33 percent of the nation’s population.
In contrast to the five states above, the bottom 14 states accounted for just 1 percent of the nation’s foreclosure activity, led by North Dakota. In North Dakota, just 3 foreclosure filings were made in July. Other “fewest foreclosure” states in July included District of Columbia (7 filings), Vermont (31 filings), and South Dakota (63 filings).
For home buyers in Colorado Springs , with more foreclosed properties expected to go for sale this year and next, there will be some excellent “deals” and discounts — foreclosed homes typically sell at discounts of 20% or more as compared to comparable, non-distressed homes. However, foreclosed homes are often sold as-is, which means they may have defects.
Before placing a bid on a foreclosed home, therefore, make sure to have an experienced real estate agent on your side. Buying a foreclosed home may save you money at your closing, but may cost you money longer-term.
7659 Timberline Court, Colorado Springs CO 80920
Property Information for 7659 Timberline Court:
- Asking Price: $155,000
- Bedrooms: 3
- Bathrooms: 2
- Square Feet: 1,884 total
- Floor Plan: Tri-Level
- Lot Size: 0.2 acres
- Area: Briargate/Anderosa
- School District: Academy District 20
- Listing Company: COLORADO SPRINGS THG LLC / Herman Group
- Status: HUD Repo/ Foreclosure
- Case Number: 052-452735
- **AVAILABLE FOR BIDS UNTIL 3/4/2012**
[Once the bidding deadline has passed, home may no longer be for sale]]
To see this home and get information on
placing a bid with HUD,
please contact the Wagner iTeam at (719) 434-7525
Foreclosure activity continues to slow throughout the United States.
According to data from RealtyTrac, a national foreclosure-tracking firm, the number of foreclosure filings dipped below 215,000 in September 2011, a 6 percent decrease from August.
A “foreclosure filing” is defined as any foreclosure-related action including Notice of Default, Scheduled Auction, or Bank Repossession.
September marks the 12th straight month in which foreclosure filings fell year-over-year.
There are several reasons why foreclosure filings are down, including an increase in the amount of time it takes banks to move a foreclosure through its pipeline. It now takes a nationwide average of 336 days from the date of initial default notice to bank repossession.
Some states work quicker than others, however, because of a combination of state law and personnel.
Homes in New York take an average of 986 days to foreclose, for example, the longest in the country. Homes in Texas foreclose the quickest, registering just 86 days.
As in prior months, bank repossessions remain concentrated by state. Just 6 states accounted for half of the country’s REO last month:
- California : 16.6 percent
- Georgia : 8.5 percent
- Florida : 8.3 percent
- Texas : 6.2 percent
- Michigan : 6.1 percent
- Illinois : 5.2 percent
Collectively, these 6 states represent just 36 percent of the nation’s population.
By contrast, the bottom 6 states were home to just 192 repossessions last month — 0.3% of the national total. Those 6 states were Alaska, Wyoming, District of Columbia, North Dakota, South Dakota, and Vermont.
For home buyers , shopping for foreclosed properties can be an excellent way to get “a deal”. Foreclosed homes typically sell at discounts as compared to “non-foreclosed” homes, but are often sold “as-is”. This means that homes listed for sale may be defective or out-of-code.
Before placing a bid on a foreclosed home, make sure that you’re represented by an experienced real estate professional.